Taxes

— Oct 15, 2020
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Does Canada Need a Wealth Tax?

Does Canada Need a Wealth Tax? is a new study that finds not only will implementing a wealth tax reduce Canada’s economic growth and recovery post-COVID, but that it is unnecessary as the wealth inequality gap is shrinking in Canada. A wealth tax in Canada would constrain economic growth by discouraging savings and investment, especially when wealth taxes are layered on top of existing taxes.

— Sep 17, 2020
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Illustrating the Tax Implications of a Guaranteed Annual Income

Illustrating the Tax Implications of a Guaranteed Annual Income finds that the federal Goods and Services Tax (GST) would have to increase from the current five per cent to between 26.25 and 105.35 per cent in order to cover the cost of potential Guaranteed Annual Income programs.

— Sep 1, 2020
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Canadian Consumer Tax Index, 2020 finds that last year the average Canadian family spent 42.6 per cent of its income on taxes, more than housing, food and clothing costs combined, which made up just 36.2 per cent. The annual study tracks the total tax bill of the average Canadian household from 1961 to 2019, and looks at both visible and hidden taxes that families pay to the federal, provincial and local governments, including income, payroll, sales, property, health, fuel and alcohol taxes, and more.

— Aug 6, 2020
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Who Bears the Burden of British Columbia’s Employer Health Tax?

Who Bears the Burden of British Columbia’s Employer Health Tax? Finds that B.C.’s new “health tax,” which essentially replaced the province’s Medical Services Plan (MSP), will cost the average worker nearly $3,000 per year in foregone wages.

— Jul 14, 2020
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The Revenue Effects of Rescinding Ontario's Tax Rate Hike on High-Income Earners

The Revenue Effects of Rescinding Ontario’s Tax Rate Hike on High-income Earners finds that lowering the province’s top personal income tax rate from the current 20.53 per cent back to 17.41 per cent—where it was prior to a so-called “temporary” rate hike in 2012—would only cost the government $26 million in the first year in foregone tax revenues, thanks to increased economic activity. And lowering the province’s top personal income tax rate would significantly increase Ontario’s attractiveness for investment, entrepreneurs and high-skilled workers.

— Jul 7, 2020
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Canada’s Rising Personal Tax Rates and Falling Tax Competitiveness, 2020

Canada’s Rising Personal Tax Rates and Falling Tax Competitiveness, 2020 finds that workers in Canada—across all income levels—pay higher personal income tax rates than workers in the United States, which can deter professionals, entrepreneurs and businessowners from working and investing in Canada.

Taxes Research Experts